Bought Indo Thai Securities shares in 2026? Stock crashes 90% after two years of multibagger gains; what went wrong?
A Ksheerasagar
Brokerage firm Indo Thai Securities, which once rewarded shareholders with handsome returns, is now struggling to regain momentum as its shares remain caught in a downward spiral in 2026, leaving investors who entered the stock earlier this year facing significant losses.
After delivering multibagger returns for two consecutive years, the stock has plunged nearly 90% in 2026, falling to ₹31.70, its lowest level in more than two years. The steep sell-off has also dragged the company's market capitalisation down to around ₹420 crore.
For shareholders who were attracted by the stock's extraordinary past performance, those who entered in 2026 have been left with substantial losses.
According to Trendlyne shareholding data, retail and other public shareholders collectively held a 45% stake in the company at the end of the September quarter, up from 39.5% in the corresponding period last year.
Promoters continued to remain the largest shareholders, with a 54.8% stake in the company. Despite erasing much of its 2025 gains, the stock's five-year returns remain relatively strong at 188%. It finished the last annual year with a 132%, building on a massive 455% in 2024.
The crash in the stock followed the company's failure to impress the Street with its financial performance, while the sharp rally in previous years may have also left the stock vulnerable to profit booking.
The company reported a consolidated net loss of ₹35.58 crore in the second quarter of FY27, compared with a net profit of ₹14.61 crore in the year-ago period.
Revenue from operations declined 68.1% year-on-year to ₹7.54 crore from ₹23.62 crore. The company's EBITDA also turned negative at ₹42.51 crore, against a positive EBITDA of ₹20.17 crore in Q2 FY26.
For the first half of FY27, Indo Thai Securities reported a net loss of ₹24.47 crore, compared with a net profit of ₹22.86 crore in H1 FY26. Revenue from operations declined 62.1% year-on-year to ₹14.27 crore from ₹37.64 crore. EBITDA stood at a loss of ₹26.54 crore, against a positive EBITDA of ₹30.49 crore in the year-ago period.
A Ksheerasagar
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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